India's rupee has been growing weaker against the US dollar for quite some time. However, Ponsi believes the rupee may have bottomed last week.

"When the rupee was getting crushed, nobody wanted to own rupee-denominated assets, like the Indian stocks that make up this ETF," Cramer added.

However, an anti-inflation leadership change at the Central Bank of India has generated new confidence in the currency. Therefore, companies headquartered in India may attract buyers on the belief they will benefit from this shift.

"In this environment your portfolio certainly needs to have some international exposure," he said. "India is on the risky side, but there's no denying that it's got growth, and if their central bank can really get inflation under control, then you certainly might want some exposure to India stocks in your portfolio."